Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 30% gross profit is realized on sales and net sales are $115,300←Cost per Total Retail price Total retailUnitspurchased unitper unit$975Date of purchaseBeginning inventoryFebruary 5February 19$2,115$2,016$600March 3Goods available forsaleUnits soldEnding inventory422115271058322cost$840 $35,280$1,750 $36,750$965 $14,475$480$12,960The estimated cost of goods sold is $value$40,950$44,415$30,240$16.200$131,805

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Description: Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 30% gross profit is realized on sales and net sales are $115,300←Cost per Total Retail price Total retailUnitspurchased unitpe

The gross profit is calculated as difference between sales and cost of goods sold. The ending…

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Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 30% gross profit is realized on sales and not sales are $11 Cost per Total Retail price Total retail Units purchased unit per unit $975 42 21 $2,115 Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory 15 27 105 83 22 cost $840 $35,200 $1,750 $36,750 $965 $14,475 $2,016 $480 $12,960 $600 The estimated cost of goods sold is S value $40,950 $44,415 $30,240 $16,200 $131,805

Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 30% gross profit is realized on sales and not sales are $11 Cost per Total Retail price Total retail Units purchased unit per unit $975 42 21 $2,115 Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory 15 27 105 83 22 cost $840 $35,200 $1,750 $36,750 $965 $14,475 $2,016 $480 $12,960 $600 The estimated cost of goods sold is S value $40,950 $44,415 $30,240 $16,200 $131,805

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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